Taking control of your compliance program now could pay dividends later. As stated previously, the OIG has not officially mandated that its seven core elements be implemented to meet the requirements of a compliance program. However, these elements have been widely adopted by the industry. If the OIG eventually mandates specific elements of compliance programming, it is very likely these seven core elements will be required. As such, it is prudent to take advantage of this voluntary period to roll out your compliance program in a controlled manner.
If a physician eventually plans to sell their practice to or merge with another organization, compliance will play a large role in the transaction. As part of the transaction, many purchasers directly ask if a written compliance program is in place at the organization. Additionally, as part of a purchaser’s due diligence process, instances of noncompliance with federal healthcare laws may be uncovered. This could lead to delays in the transaction, a reduction in purchase price or even the transaction falling apart altogether. An effective compliance program could prevent some of these potential problems.
Final Thoughts
Although very few people find the thought of compliance programming exciting, it is an important facet of the healthcare industry. In addition to providing valuable protections for your organization, it is simply the right thing to do. By conducting your practice’s business in a compliant manner, you play your part in ensuring the healthcare system can provide high-quality, ethical care to all patients.
So as you write up your next to-do list, keep compliance programming near the top.
Emily A. Johnson, JD
Emily A. Johnson, JD, is a nationally recognized attorney, author and speaker with McDonald Hopkins LLC. Email her at [email protected].
